China Should Focus on Private Economy to Reach Goal of Creating 12 Million Jobs, Experts Say
Guo Jinhui
DATE:  Mar 06 2023
/ SOURCE:  Yicai
China Should Focus on Private Economy to Reach Goal of Creating 12 Million Jobs, Experts Say China Should Focus on Private Economy to Reach Goal of Creating 12 Million Jobs, Experts Say

(Yicai Global) March 6 -- A number of experts told Yicai Global that to achieve the goal of creating 12 million new urban jobs this year, China should support the private economy.

China should focus on economic development, greatly support the private sector, hike market players’ confidence to resume growth, and put employment at the core of economic development, Zhang Chenggang, director of the Research Center for China’s New Employment Patterns under Capital University of Economics and Business, said to Yicai Global.

China aims to create about 12 million new urban jobs and achieve a surveyed urban unemployment rate of around 5.5 percent this year, according to a government work report submitted to the national legislature for deliberation yesterday.

The country should help micro, small, and medium enterprises to stabilize employment and encourage entrepreneurial activities to boost employment, Yao Kai, director of the Global Scientific and Innovation Talent Development Research Center at Fudan University, told Yicai Global.

The private economy contributes to over 80 percent of urban jobs and more than 90 percent of companies, official data showed.

The basis for a stable job market still exists as the Chinese economy is recovering and consumption is picking up, Zhang noted.

But China is still under pressure in terms of employment, Wang Xiaoping, minister for human resources and social security, said at a press conference on March 2.

Over 16.6 million new workers will enter the urban job market this year, the highest in recent years, creating tremendous pressure, according to estimates from the Ministry of Human Resources and Social Security. There is a structural contradiction in recruitment and job hunting as it is difficult for ordinary people to find a job while specialized workers are in short supply.

Also the number of college graduates will hit a record high of nearly 12 million this year.

The MOHRSS will issue policies to enhance support for the service sector, micro and small enterprises, and self-employed people, promote innovation and entrepreneurial activities and the gig economy, and protect the rights and interests of workers, Wang said.

China will implement all measures to stabilize employment, pay more attention to promoting the employment of young workers, especially fresh graduates, and take action to ensure people’s well-being, according to the government work report.

Editors: Shi Yi, Futura Costaglione

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Keywords:   Private Economy,employment